1. Field of the Inventions
Embodiments of the present invention relate to managing purchases made using a debit or credit account.
2. Description of Related Art
“Purchase account” is a generic term for accounts that can be used for purchasing from different merchants, for example, accounts such as are commonly associated with credit and debit cards. A credit card is issued by a bank or other financial institution, and can be used by the bearer to purchase generally unrestricted goods up to a defined credit limit. The issuer tracks expenditures charged by the bearer and periodically sends an invoice to the bearer for the amount of credit used, which must be repaid. A debit card may also be issued by a bank or other financial institution, and can be used to purchase generally unrestricted goods up to an amount of money, which may be fixed or replenishable, residing in an account associated with the debit card. When the account is depleted, the debit card cannot be used to purchase anything.
One increasingly-popular example of a debit purchase card is a “gift” card. A gift card is essentially a debit card associated with a fixed account, usually one that cannot be replenished. People often give a branded gift card, such as a gift card issued by a bank, credit company, or merchant, with a defined amount of money “loaded” onto the card, in lieu of cash as a gift. Merchants often promote the purchase of gift cards redeemable only at the merchant selling the cards.
Limitations of the use of purchase cards or accounts generally consist of credit or account limits, and/or restrictions to use at specific merchants. While it is possible to purchase a gift card redeemable at a single merchant or group of merchants, there is no way to give a gift card that can be utilized at any store of the recipient's choosing, while still being limited as to the type of merchandise that may be purchased using the card. For example, it may be desirable to give a child a gift card that may be used for children's books at any vendor, but not for other merchandise carried by the same vendors. For further example, it may be desirable to give a gift card for goods certified as meeting any of a variety of standards, for example, “Made in America,” “Free of Animal Products,” “Environmentally Friendly,” “Organically Grown,” “Family Friendly,” “Child Safe,” or any of a plethora of other standards that may reflect the values or concerns of the person purchasing the gift card. It is desirable that the person receiving such gift cards should not be limited to shopping with a single merchant or small collection of merchants, but may use the card to purchase the approved category of goods from any merchant who accepts credit or debit cards. Presently, no system exists for providing this capability with gift cards or other types of cards or purchasing accounts.
The same limitation is true of corporate cards or accounts intended for only certain purchases. For example, it may be desirable to provide an employee with a corporate card that can only be used to purchase supplies of a certain type, for example, office supplies, or wholesale goods related to a retail business of the providing company, while still allowing employees holding such cards to buy from any seller that accepts credit or debit cards. Currently, if an employee intentionally or accidentally misuses a card, this may not be discovered in time to undo the damage caused.
It would be desirable, therefore, to provide a tool whereby providers of purchase accounts can better control how the account is used.